Citibank Forecasts $49 WTI For 2021

Citi revised down on Monday its outlook for the WTI Crude price for next year by $5 to $49 a barrel, citing the global spike in coronavirus cases that is set to impact oil demand. Citi Research also cut its estimate for Brent Crude by $5 a barrel to $54 per barrel, Reuters quoted the bank as saying in a note on Monday. Two months ago, Citi was expecting oil prices to recover to $60 a barrel by the end of next year as the oversupply will have been drawn down by then, as major investment banks and analysts were fairly bullish on oil. However, the…